Reference no: EM132741193
Question - King, a Filipino, married to Risa in 2003, died on April 2016. The inventory of properties of the couple are as follows:
a. Townhouse and lot in Manila acquired from conjugal funds of P 1,650,000
b. Farm lot in Laguna inherited by husband P 850,000
c. Land in Novaliches brought to the marriage by husband; P 450,000
d. Fishpond in Bulacan donated to wife in 2005; P 960,000
e. Time deposit in the name of husband and wife; P 120,000
f. Time deposit in the name of husband and his brother; P 65,000
g. Jewelry brought into marriage by wife; P 135,000
h. Proceeds of insurance, revocable, payable to wife; P 250,000
i. Proceeds of GSIS life insurance policy; P 150,000
j. Proceeds of private life insurance policy where the beneficiary is the sister and silent as to designation; P 300,000
k. Cash, representing rental income from fishpond in Bulacan; P 180,000
l. Employee benefits under RA 4917; P 500,000
Required - Compute the following:
A. Under CPOG, determine the:
a.1. Taxable gross estate of decedent and
a.2. The exclusive property of wife.
B. Under ACOP; determine the:
b.1. Taxable gross estate of decedent and
b.2. Exclusive property of wife.